dynamic sql, Sql Server

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create table #example(id int primary key identity, cols varchar(255))
    insert into #example(cols) values('HI,HELLO,BYE,TC')
    insert into #example(cols) values('WHAT,ARE,YOU,DOING,HERE')

DECLARE @ColumnPivot nvarchar(max)

-- Calculate dynamic columns
    ;WITH temps AS 
    (
	  SELECT sd.* ,CAST('<x>' + replace(sd.cols, ',', '</x><x>') + '</x>' as xml) AS xmlText
	  FROM #example sd
    ),
    temps1 AS
    (
	   SELECT t.Id, t.cols, v.x.value('.','varchar(50)') AS Value
	   FROM temps t
	   CROSS APPLY 
		 t.xmlText.nodes('/x') AS v(x)
    )
    SELECT @ColumnPivot =  STUFF((SELECT DISTINCT CONCAT(',COL',row_number() OVER(PARTITION BY t.id ORDER BY t.Value)) FROM temps1 t FOR XML PATH('')), 1,1,'')

PRINT @ColumnPivot

DECLARE @query nvarchar(max) = 
	   CONCAT(N';WITH temps AS 
	   (
		  SELECT sd.* ,CAST(''<x>'' + replace(sd.cols, '','', ''</x><x>'') + ''</x>'' as xml) AS xmlText
		  FROM #example sd
	   ),
	   temps1 AS
	   (
		  SELECT t.Id, t.cols, v.x.value(''.'' , ''varchar(50)'') AS Value
		  FROM temps t
		  CROSS APPLY 
			 t.xmlText.nodes(''/x'') AS v(x)
	   ),
	   temps2 AS
	   (
		  SELECT t.* , CONCAT(''COL'',row_number() OVER(PARTITION BY t.id ORDER BY (select 1))) AS ColGroup
		  FROM temps1 t
	   )',
	    N'SELECT Id, cols, ' , @ColumnPiVot,
	  ' FROM
		(
		   select * from temps2
		) AS src
	  PIVOT 
		(MAX(Value) FOR ColGroup IN (',@ColumnPiVot,')) AS pvt')
	  PRINT @query
	  exec sp_executesql  @query

DROP TABLE #example

View schema
Execution time: 0,03 sec, rows selected: 4, rows affected: 2, absolute service time: 0,19 sec